Jio IPO QIB demand hits 12.87 times, edges past NSE: Report

Jio Platforms’ ₹30,213-crore initial public offering attracted qualified institutional buyer subscription of 12.87 times, excluding anchor investors, according to Economic Times Markets on October 22. The outlet described this as the highest institutional subscription multiple among India’s five largest IPOs, narrowly ahead of the National Stock Exchange of India’s reported 12.67 times.

Overall subscription stood at 5.36 times at the end of the second bidding day, with bids for 1,05,86,97,468 shares against 19,75,25,934 shares available, the report said, citing NSE data. These are reported subscription snapshots, not final figures or an independently verified live update.

The report gives October 23, 2026, as the closing date, although its opening also describes the offering as entering its final bidding day. Investors should check the official issue documents and exchange notices for the operative timetable.

Institutional demand leads the subscriptions

Beyond the institutional segment, non-institutional investors subscribed to 5.60 times their allocation and retail investors to 1.50 times. Subscription reached 3.89 times in the shareholder category and 2.04 times in the employee quota.

The historical comparison, attributed by the report to Prime Database, places Hyundai Motor India’s QIB subscription at 6.95 times, Tata Capital’s at 3.41 times and Life Insurance Corporation of India’s at 2.82 times. Subscription multiples measure demand relative to each offering’s allotted shares; they are not a comparison of the absolute rupee value of institutional bids.

At the reported size, Jio’s offering would also exceed Hyundai Motor India’s ₹27,859-crore IPO. The other issue sizes cited were ₹22,563 crore for NSE, ₹20,557 crore for LIC and ₹15,512 crore for Tata Capital.

Price band, minimum application and proposed listing

The reported offer consists entirely of a fresh issue of 27 crore equity shares, with no offer-for-sale component. The price band is ₹1,065–₹1,119 per share; the ₹30,213-crore issue size corresponds to the upper end.

Applications start at 12 shares and must be made in multiples of 12. At the upper price, the minimum application amounts to ₹13,428. The report puts Jio Platforms’ implied valuation at approximately ₹10.3 lakh crore at that price.

Allotment is expected to be finalised on October 26, with listing on the BSE and NSE scheduled for October 28. These dates remain the reported schedule, rather than completed milestones.

Grey-market premium is not a listing forecast

The report placed Jio Platforms’ unofficial grey-market price at about ₹1,368 per share on October 22. That represents a premium of roughly ₹249, or 22.25%, to the upper offer price.

Grey-market quotations are unofficial and do not guarantee a listing gain. Neither the reported premium nor an oversubscribed order book establishes how the shares will trade after listing.

Brokerages favour subscription, with valuation caveats

Motilal Oswal Wealth Management recommended subscription for both potential listing gains and long-term investment, according to the report. It cited Jio’s telecom position, subscriber base, proprietary technology and growing broadband business.

Swastika Investmart also recommended subscription, pointing to home broadband adoption, potential increases in average revenue per user and improving cash generation. These are the brokerage’s expectations, not assured outcomes.

Swastika’s comparison valued Jio at around 33 times FY26 earnings against approximately 41 times for Bharti Airtel. It also noted that Airtel generates higher average revenue per user and returns on capital, while telecom continues to provide most of Jio’s earnings.

Jio Platforms is Reliance Industries’ telecom and digital business. Its operations include Reliance Jio Infocomm and the JioFiber and JioAirFiber broadband services. The brokerage recommendations reported here are not a BharatVox investment recommendation.